Student Loan Rehab program

[Anonymous]

Get loan calculator-

http://www.bankrate.com/brm/popcalc2.asp

IF a federal loan- depends on when you took the loans-

About $150 - at 7% APR

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olivex wrote:

Just a quick question, So i would ask for the rehab program with the California Student Aid?

Also would anyone have any idea what a monthly payment would be on a 9K loan? Would just like to get an idea.

Thanks

Message Edited by olivex on 05-22-2008 08:22 PM

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[olivex]

wow I got into the program today. Best thing I have done so far. They asked for a down payment of $500 and monthly payments of $120. The csr was kind enough to make it look in their system that I was already 3 months into the program !!!!! So I only have to do it for 6 months!!!!!!!

[Anonymous]

good work -

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olivex wrote:
wow I got into the program today. Best thing I have done so far. They asked for a down payment of $500 and monthly payments of $120. The csr was kind enough to make it look in their system that I was already 3 months into the program !!!!! So I only have to do it for 6 months!!!!!!!

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[Anonymous]

so basically, when my loans became 150 days late, I should have just defaulted?  It seems like I should have done that instead of paying off the past due balance.

[JackStraw]

I made my last rehab payment to FH Cann last month, and according to the rep there should be hearing from SunTrust within the next 30 days. All of the negative stuff regarding the loans is already off my reports. I vow not to mess it up this time around.

[brownee]

This gives me hope.  I entered the program in June and have payments scheduled through February. I hope that my scores go up significantly when I complete the program. We're looking to buy a house next Spring and maybe this will help us. We're sitting at the mid 500's right now and they (Chase Mmortgage) wants us at 620. Hopefully, it all works out..for ALL of us!

[LynnInMN]

Just an FYI....no downpayment is required or can be demanded to enter into the rehab program.

[Anonymous]

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heather76 wrote:

so basically, when my loans became 150 days late, I should have just defaulted?  It seems like I should have done that instead of paying off the past due balance.

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I know that is an old post, but in response to heather76's inquiry in letting the loan default instead of paying it off.....I want to answer this for anyone reading this.

You don't ever want to let a federal loan default...especially with the hopes of rehabbing. Reason is, when you default, you know only have the bad loan you messed up on, but now you have the "default" tradeline. In my case, the original loan that went bad is just on EX, and I'm still working on "correcting the errors". HOWEVER, the DEFAULT tradeline was on ALL of them. I let it stay like that for a few years before credit started mattering. Oh, not to mention the fact that they WILL garnish your pay AND keep any state and federal refund you are owed. That's when I decided to rehab....

Student loans aren't just CCs or regular loans you can just ignore paying....the federal government will not ---- around, and they will get their money one way or the other...rehabbing my loan was the only option I had to "play ball". The loan is now fully paid off, as it was only a few hundred that I owed.

Because I did play ball....my scores jumped on average 40-60 points....I went from 500-low 600 to middle 600....662 is my mid score (TU), 667 EX and 655 as of today. Alot better than 577 EQ, 614 TU and 621 EX a few months ago.